I know it's still in developer preview, but I cannot wait to test out Google's Wave platform. The idea is simple, yet transformational: Conversations as live, hosted, documents that your friends are interacting with.
It's the combination of email, chat, twitter, facebook, etc - essentially all the communication services they aim provide but everything, live, at once. Google's social graph, if you will. Google has intentionally set out to make Wave an open source protocol and a federated platform, which means that individuals or even enterprises could run their own private Wave instances.
I tell you what: While Google puts the finishing touches on Wave, Ray Ozzie and Microsoft would do well to pick-up Twitter, or even partner with them. It competes with their investment in facebook, but it doesn't matter. It's worth the hedge.
Twitter, though only 140 characters, is both a destination, ecosystem, and a protocol. Microsoft could keep things exactly as they are right now, so as not hurt the ecosystem or destination aspect, and even open up and extend the twitter api/protocol. (embrace and extend?)
Microsoft typically behaves kind of "evilly" in these instances, but I think under Ray Ozzie it's possible that they could play much nicer and not hurt the buzz and vibe that twitter has going for it. They could eventually normalize it for the enterprise which is where Wave would be going with Google's Apps.
Just some thoughts as I eagerly await a Wave invite...
Edit: I know Twitter is built on Ruby & LAMP or something like that. This obviously is much different from Microsoft and their whole ethos of proprietary .NET stuff. It's completely off the wall, but that's the kind of world we live in these days - off the wall. It's just a damn shame to see Ray Ozzie bad mouth Wave instead of answering to it.
Edit II: Here's some of the video of Ozzie's spin at The Churchhill Club: